2013 FHA Mortgage Loan Limits Loans Up To $2,105,100 Available

2013 FHA Mortgage Loan Limits Loans Up To $2,105,100 Available

2013 FHA Mortgage Loan Limits. Loans Up To $2,105,100 Available

UPDATE (September 20, 2014). This post reflects the FHA loan limits for 2013. Click here for complete 2013 FHA loan limits by county.

The Federal Housing Administration (FHA) has released its mortgage loan limits for 2013.

FHA-insured mortgages will be available for loan sizes from $271,500 to $729,750 on one-unit homes; and up to $1,094,625 in certain parts of the country.

FHA mortgages are typically available to home buyers making downpayments of at least 3.5% and with FICO scores of 640 or better; and to homeowners with existing FHA mortgages via the FHA Streamline Refinance program.

There are no maximum-income limitations for FHA borrowers.

Maximum FHA Loan Size For 2013. $2,105,100

The FHA is not a lender. Rather, it is an insurer of loans. The FHA issues guidelines to banks and says, «so long as you make loans which meet these terms, we will agree to insure you against loss.»

The loan traits put forth by the FHA are unique to the FHA itself.

There is a minimum downpayment requirement of just 3.5% on a home purchase, for example — a trait which, in part, results in 46 percent of first-time home buyers making use of the FHA mortgage program.

Another FHA loan trait is that there is no minimum trade line requirement.

Buyers with little or no credit history can secure FHA-insured financing. This, too, can benefit first-time buyers which may include recent college graduates.

A third FHA loan trait is its maximum allowable loan size.

Depending on the specific U.S. county in which it’s insuring loans and the specific property type, FHA mortgages are available for loan sizes all the way up to $2,105,100.

Few people will need loans of that size, of course. But the FHA will insure it.

2013 FHA Loan Limits By County

The FHA recently announced its 2013 loan limits, which follows the «variable loan limit» model as established by Fannie Mae and Freddie Mac in 2007. The FHA is employing a «standard tier», a «high-cost tier», a «high-cost ceiling tier», and a «special exception tier».

For 1-unit homes — properties which include single-family detached homes, town homes, row homes, condominiums, and co-ops  — FHA loan limits begin at $271,050 for 2013.

Standard 2013 FHA Loan Limits

  • 1-unit home. $271,050
  • 2-unit home. $347,000
  • 3-unit home. $419,425
  • 4-unit home. $521,250

Areas in which the standard 2013 FHA loan limits apply include Harrisburg, Pennsylvania; Indianapolis, Indiana; Dallas, Texas; and Knoxville, Tennessee. Loan limits are set at 65 percent of the national conforming mortgage «floor» of $417,000.

High-Cost 2013 FHA Loan Limits

  • 1-unit home. From $271,050 to $729,750
  • 2-unit home. From $347,000 to $934.200
  • 3-unit home. From $419,425 to $1,129,250
  • 4-unit home. From $521,250 to $1,403,400

Areas in which 2013 high-cost FHA loan limits apply include Cincinnati, Ohio; Philadelphia, Pennsylvania; Minneapolis/St Paul, Minnesota; and Boston, Massachusetts. The median home sales price in high-cost area renders the FHA’s standard limits ineffective.

High-Cost Ceiling 2013 FHA Loan Limits

  • 1-unit home. $729,750
  • 2-unit home. $934.200
  • 3-unit home. $1,129,250
  • 4-unit home. $1,403,400

There are roughly 70 metropolitan area in which FHA mortgages are available up to $729,750 for a one-unit home. Those areas include Washington, D.C. suburbs Loudoun County, Virginia; and Bethesda and Potomac, Maryland; as well as San Jose, California; and the entire New York City metro area.

Special Exceptions 2013 FHA Loan Limits

  • 1-unit home. $1,094,625
  • 2-unit home. $1,401,300
  • 3-unit home. $1,693,875
  • 4-unit home. $2,105,100

These «special exception» loan limits apply to certain areas in Hawaii, Alaska, Guam, and the U.S. Virgin Islands.

Get Your Local FHA Mortgage Rates

The FHA offers a broad suite of mortgage products.

Along with its standard, low-downpayment purchase mortgage option, the FHA insures a home construction loan product known as the 203k. as well as the simplest refinance program available today — the FHA Streamline Refinance.

With the 2013 FHA loan limits in place, see what today’s FHA mortgage rates and maximum loan sizes can do for your budget.

The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.

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